SUFB 1246: Are NFTs bad for climate change?
NFTs are all the rage in the cryptocurrency world these days. Many artists, digital creators, and even marine organizations are making money using NFTs. However, the way NFTs are processed could have implications for increasing climate change. NFTs...
NFTs are all the rage in the cryptocurrency world these days. Many artists, digital creators, and even marine organizations are making money using NFTs. However, the way NFTs are processed could have implications for increasing climate change.
NFTs use the Eurythreum cryptocurrency, which is controlled by users (called miners) having to solve complex puzzles to gain tokens. Solving the puzzles take up a lot of energy which emits carbon dioxide into the atmosphere.
The entire Eurythreum cryptocurrency uses as much electricity as Libya.
There are ways to reduce the emissions to almost zero by switching the manner in which the currency is controlled.
Link to articles:
1) https://www.theverge.com/2021/3/15/22328203/nft-cryptoart-ethereum-blockchain-climate-change
2) https://ecotrust.ca/latest/media/blockchain-for-climate-foundation-launches-bitmo-platform-at-cop26/
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